Section 109 — Set off of losses under any other head of income

(1) Subject to the provisions of this Chapter, for any tax year, if income com-
puted under any head of income (other than “Capital gains”) is a loss,
such loss shall be set off against income of the assessee under any other head,
including “Capital gains”, if any, assessable for that tax year, subject to the following
conditions:—
( a) loss under the head “Profits and gains of business or profession” shall
not be set off against income assessable under the head “Salaries”; and
( b) loss under the head “Income from house property” shall be set off to the
extent of ` 200000 against income under any other head.
(2) For any tax year, the loss under the head “Capital gains” shall not be set off
against income under any other head.